National Oilwell Varco 2005 Annual Report Download - page 38

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+(.*>-48.-+43/4+-9<(+,)2230=4+>0=,0(0+,>>,3/<2+;(-.2.+(8>()-(06:+,/)4*3-,3)+(2.(.48HN230N+(.1()-,C(>:84+)4<12+(0-4$
(-+4>(*<(+C,)(."*11>,(.2>.46(3(8,-(08+4<1+,)(,3)+(2.(.,<1>(<(3-(00*+,3/
1(+2-,3/1+48,-8+4< (-+4>(*<(+C,)(."*11>,(.=2.G<,>>,4384+)4<12+(0-4G%'<,>>,4384+$23,3)+(2.(48G'$<,>>,43
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.(2+)9,3/84+4,>230/2.,.2;(:<(-+,)84+-9,.6*.,3(...(/<(3-))4+0,3/-4-9(2;(+*/9(.+,/)4*3-+(14+--9(2C(+2/(3*<6(+48+,/.41(+2-,3/,3
-9(=4+>0,3=2.*1$'N4C(+-9(1+,4+1(+,409(2C(+2/(+,/)4*3-,34+-9<(+,)2,3=2.*1HN4C(+-9(1+,4+1(+,40-4H&+,/.=,-9
4*+4+-9<(+,)23+(C(3*(.*1G$$H<,>>,435N73-9(3-(+32-,432><2+;(-+(C(3*(.,3)+(2.(0N=9,>(,3-(+32-,432>+,/)4*3-2)-,C,-:,3)+(2.(0
6:H%N+4<21+40*)-1(+.1()-,C(<2,3-(323)(+(12,+23041(+2-,3/.*11>:5DE7)4<<40,-,(.,3(@1(+,(3)(02%N,3)+(2.(4C(+$230
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2+/,3.=(+((..(3-,2>>:8>2-84+64-92304+,/,32>(?*,1<(3-<23*82)-*+(+1+40*)-/+4*1.>2+/(>:0*(-42>2+/(14+-,4348-9(.(+(C(3*(.>4);(0,32-
)4<<,--(0<2+/,3+2-(.-4)43-+2)-*2>)*.-4<(+.*6*>2+.2>(.=(+(*1N)43)(3-+2-(0<2,3>:,34*+2320,2341(+2-,43.
1(+2-,3/,3)4<(,3)+(2.(0G'<,>>,43,3-4G$%%<,>>,434+$N48+(C(3*(<1+4C(0.*11>,(++(62-(.)4*1>(0=,-9,3)+(2.(041(+2-,3/
(88,),(3),(.>2+/(>:2)9,(C(06:26.4+6,3/-9(+(C(3*(,3)+(2.(2)+4..232>+(20:(.-26>,.9(00,.-+,6*-,43,38+2.-+*)-*+(230(@1(3.(62.(=(+(-9(<2,3
)43-+,6*-4+.-441(+2-,3/,3)4<(,<1+4C(<(3-
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32>>4)2-(0(@1(3.(.230(>,<,32-,43.=(+(G'<,>>,4384+-9(:(2+(30(0()(<6(+)4<12+(0-4GH'<,>>,4384+$9(,3)+(2.(,3
41(+2-,43.)4.-.=2.1+,<2+,>:0*(-4)4.-.2..4),2-(0=,-92+)441(+2-,43..,3)(-9(2)?*,.,-,4302-(230/+(2-(+,3-(+.(/<(3-1+48,-(>,<,32-,43.
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-4);62.(0)4<1(3.2-,43(@1(3.(48G%<,>>,4384+=2.+(>2-(0-4-9(2<4+-,K2-,4348*3C(.-(041-,43.2..*<(02.2+(.*>-48-9(<(+/(+
3(6+*2+:%-9(4<123:,..*(0$$.-4);41-,43.2-23(@(+),.(1+,)(48G%%H9(4<123:(@1()-.-4+()4/3,K(.-4);41-,43(@1(3.(
48211+4@,<2-(>:G$<,>>,43,3%
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3-(/+2-,43)4.-.=(+(G'<,>>,4384+230)43.,.-(01+,<2+,>:48.(C(+23)()4.-.+(>2-(0-484+<(+(@()*-,C(488,)(+.230(<1>4:((.48-9(4<123:
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3-(+(.-2308,323),2>)4.-.=(+(G&<,>>,4384+)4<12+(0-4GH$<,>>,4384+$9(,3)+(2.(=2.1+,<2+,>:0*(-4,3-(+(.-)4.-.2..4),2-(0=,-9
0(6-2..*<(0,3-9(2+)4-+23.2)-,43((.*<<2+:484*-.-230,3/0(6-2-()(<6(+*30(+,?*,0,-:23021,-2>(.4*+)(.
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9((88()-,C(-2@+2-(84+-9(8,.)2>:(2+(30(0()(<6(+=2.N5N(@)>*0,3/,3-(/+2-,43)4.-.230.-4);62.(0)4<1(3.2-,432..4),2-(0
=,-9-9(2+)4<(+/(+7)4<12+(0-4%N84+$9(>4=(+$-2@+2-(=2.0*(1+,<2+,>:-42343+()*++,3/-2@)+(0,-48G'<,>>,43+(.*>-,3/8+4<
-9(+(>(2.(482C2>*2-,432>>4=23)(+(>2-(0-4-9(<(+,)23F46.+(2-,43)-48$9(-2@+2-(.+(8>()-2>4=(+1(+)(3-2/(48(2+3,3/.,384+(,/3
A*+,.0,)-,43.=,-9>4=(+-2@+2-(.230+(0*)(06(3(8,-.,3-9(2..4),2-(0=,-9(@14+-.2>(.,3)4<12+(0-4$9(>2=./+23-,3/-9,.-2@
6(3(8,-=(+(<40,8,(02.12+-48-9(<(+,)23F46.+(2-,43)-48$230-9,.6(3(8,-=,>>6(192.(04*-4C(+-9(3(@-:(2+3(=-2@6(3(8,-2..4),2-(0
=,-9<23*82)-*+,3/41(+2-,43.12..(0,3-4>2=*30(+-9(.2<()-=,>>6(192.(0,34C(+-9(8,C(:(2+.6(/,33,3/,39(+(2.-9(-,<,3/48-9(
192.(4*-48-9((@14+--2@6(3(8,-230-9(192.(,348-9(<23*82)-*+,3/-2@6(3(8,-<2:0,88(+=((@1()--9(-2@+(0*)-,432..4),2-(0=,-9-9(3(=
<23*82)-*+,3/0(0*)-,43=9(38*>>:,<1>(<(3-(0-46(.,<,>2+,32<4*3--4-9((@14+-6(3(8,-(23-,),12-(4*+-2@+2-(84+%-46(,3-9(+23/(48
211+4@,<2-(>:N-4$N84+)43-,3*,3/41(+2-,43.
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